Wedding loan

my grandparents have done it for school and cars and just put us on a low monthly payment interest free payment plan

Try to figure out a budget and not rely on the bank of granny. If you are old enough to get married it is time to take a good look at your finances. real talk.

You say you are putting away money for your wedding. Did you consider your loan payments eating away at the amount you are saving? Have you considered what loan term you would be taking? Have you run the numbers through an amortization table to see how much interest you will be paying over, say, 3 years? Once the party is over, the only thing remaining will be your loan. Just to put in perspective, my ex and I paid about $15k for our first wedding. We got barely $3k in gifts. This is hardly enough to cover the remaining balance of a loan, had we taken one.

I'd say just use a credit card never do a loan because you pay more on loans than credit card. I got a hyatt c.c. and that is where we doing our wedding so the points from it works out because it paid for a one night stay plus maybe another night. and 3% fee is low. even so i'd do credit card option... and if its interest free for a year its worth it.

In all honesty I am still trying to understand,

"and I don't have the option of saving over time as there are several people on both sides of our families on there death beds and we are just praying they make it the 8 months we are waiting to get married"

If people are TRULY on their death beds and you want them to be there you don't wait 8 months.

Please do not take a loan out for your wedding. And FFS sake do not compare your wedding "loan" with a car loan - they are not even closely related. Weddings are not a necessity. Elope, go to a courthouse, or have a smaller more intimate celebration with your loved ones there. Don't start your lives together by going into debt to throw a party that isn't even necessary or required.

And to count on gifts you haven't even technically received yet...I just can't. Just stop.

@MrsMem, it's good that you are rethinking the loan idea and maybe asking family to help. That's a great start. I know you are students and broke but it's better to wait until you can pay for everything at once. Here's why:

If you ever want to have a significant amount of money in the bank, up front, you have to stop thinking about loans. In any form. No loans, ever, period. Now, I realize many women on WW have car loans (and you do too, as you have said) however, that's a debt, with interest, and you are paying thousands more for a car than if you had bought with cash. You'll never have actual cash if you keep getting loans. If you didn't have a car loan, you'd probably have money in the bank to make payments on venues, etc. You'd have cash.

Here's my advice:

--Have a small, beautiful wedding that you can afford WITHOUT taking out a loan and preferably without accepting money from relatives. This might be brunch. It might be just cake. It might be a courthouse. Have that. Make sure the sick relatives are there. Enjoy your day.

--Read anything and everything about financial security.

--Pay off your car loan and all credit card debt. Save your car payment money every month so you buy all future cars with CASH. Keep saving that money, now for a house.

--Get a mortgage (the only acceptable loan, IMO) and pay it off ASAP. After that, buy houses/condos/whatever with CASH only.

This is a strategy that will make you rich. It's not a strategy for everyone. You have to decide RIGHT NOW -- and in every moment when you make financial choices -- what is more important to you? Having a wedding you can't afford or having money in the bank?

Maybe for you it's having a wedding you can't afford...and I'm not judging that. But that line of thinking will follow you in every decision you make in life...and until you change the way you think, in a very revolutionary way, and you change how you spend, you will need loans for things that other people pay cash for. Which person are you going to be?

"I am sure they will loan out or gif the money interest free to us"

please don't do this. I understand the shiny luster of this- but don't rely on it because it can often come with strings and heart ache.

Have something small and affordable and don't stress yourself out wondering if your friends and family have donated enough to your plight in the way of gifts.

I honestly didn't even know that was a thing till I started planning.

I have a rule that on anything luxury I only spend what I can walk in and buy with cash (or a debit card, which is basically cash). I never think it's a good idea to take a loan or make payments on things like a wedding or an engagement ring. I see so often people who think they will be able to make the payments and then their situation changes and they can't. I think it's better to wait and save or do what you can now even if it means it's less than you want.

Bless your heart. ( I went southern lady like there )

I understand the small time frame if you have family members in serious health that you want there. So what's wrong with having a small ceremony with family? Why do you need to have a $2k+ wedding? I highly encourage you to NOT take out a loan. You should not be banking off gifts from family members to pay for your wedding. Have the wedding you can afford.

Financial issues is the number one problem in marriage. Don't start out your married life paying off debts. If you can't afford a wedding, then have a small one. Taking out a loan is not smart.

It is a dumb thing to do. Borrowing and paying back with gift money. Push the wedding out until you have the money to what you need upfront. You have people here with weddings in 2017 and 2018 doing just that.

We ended up having to put some wedding stuff on a credit card, my car ended up needing work and brakes, and a couple other unexpected large expenses. It is what it is. My advice would be don't start out knowing you need to use credit or a loan. What we did put on a credit card will be paid off with our tax return so I am not worried about it.

Loan=bad. Reliance on gifts to pay for said loan=worse. Please think about a smaller wedding or pushing the date back to be able to save more?

The only time you should borrow is if the thing you're buying with the money will make you more money than the cost of borrowing. So you borrow for a house, because the house will appreciate in value plus you'll save on rent. You borrow for a car, because you need it to get to work. You borrow for an education because it will increase your earning power the rest of your life.

But a wedding is ultimately about two things: ending up married, and having a party to celebrate. You can end up married with just a courthouse ceremony. And a party isn't going to pay you back. So why have a wedding that is more than you can afford, and borrow money to do it?

Please reconsider using wedding gift money to pay back your wedding. Those people are giving you money for your future, not your wedding. They're giving you money so that you can have something to start with, to save with. If you take the wedding gift money and pay back a loan on the wedding, you start out with nothing more than you have.

And if I knew a couple was going to use wedding gift money to pay FOR their wedding, I would definitely not give cash. I would feel as though my gift would be wasted because it's for your marriage, not your wedding.

To follow what E-Tex said, I know that you want to have a big, beautiful wedding. So budget and save. Have a small wedding.

Please don't put yourself into debt for a party. When all is said and done, your wedding is only one day that will completely fly by. Your marriage is forever. Save that money for your life together.

The gifts we received went into the bank to save for a house. We never even thought about using the gifts we received to pay back our vendors.

Your posts made me want to never give cash as a wedding gift ever again.

Lets see how this unfolded..............I now know that I am far more financially responsible than others......good day for me

I have never taken loan for wedding but now thinking to have it. I will pawn gold item to the loan broker and get the money for wedding .